PIRS - Pieris Pharma jumps on collaboration with Genentech

Pieris Pharmaceuticals (PIRS) has gained ~25.9% in the pre-market after announcing a multi-program research collaboration and license agreement with Genentech, a subsidiary of Roche Holding (RHHBY).The agreement will allow Pieris to combine its proprietary drug discovery with Genentech's to target treatments for respiratory and ophthalmological diseases.“This collaboration further expands our partnered efforts in respiratory diseases and opens a new avenue for our Anticalin technology to potentially provide patient benefit through local biological effects,” commented Stephen S. Yoder CEO of Pieris.Per the terms of the deal, Pieris will be entitled to an upfront payment of $20M and milestone payments of more than $1.4B across several programs. That is in addition to tiered royalties for commercialized programs.Pieris will run research and early preclinical development of the programs and Genentech will take over the IND-enabling activities, clinical development, and commercialization of those programs. In return for an option exercise fee, Genentech will also have the option to

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Pieris Pharma jumps on collaboration with Genentech